More On Pensions
CBO Director Douglas Holtz-Eakin testified today at a House Budget Committee hearing concering an estimated $71B deficit for PBG over the next decade. He said employers would have to pay a five fold increase in premiums to close the deficit. What he didn't say is what is clear, pensions are obligations we can't afford to keep anymore. That dance is over. The next giant who goes 11 may take pensions to the grave for good. More on what this means here.